Where do you put your money after a big win?

Reply #8

bigbuckswede — Tue, 17 Nov 2020 13:18:02 GMT

In my mind I try to ignore the definition of We being in the US, because Lottery Post is an international Lotto site, so I answer like this.

I will first buy a house as an investment, not a to fancy one that draw attention, I have easy needs, a spa, sauna and room for at least 1 mancave with home cinema and 10 pinball machines is all I need... I will set aside a part of the winnings in cash, this is not taxable in my country. (Sweden) I will put the rest in the stock market inside a endoweme... [ More ]

Reply #7

DELotteryPlyr — Tue, 17 Nov 2020 11:44:58 GMT

I am sure that the documents he signed to OPEN those accounts clearly stated the bank can limit the withdrawal process. Ever read those documents? They protect the bank. I also bet the person he used to OPEN the accounts told him ANYTHING he wanted to hear to get him to open the accounts, including 'Oh sure you can get your money anytime'

Unfortunately you can't trust what anyone SAYS, you have to read the documents you sign. Which if the average winner did, they would often save themselves... [ More ]

Reply #6

Rexer90 — Mon, 16 Nov 2020 06:45:12 GMT

Cedars (Certificate of deposit of some kind): $50M spread around 200 banks, you can actually do this. I'm not sure if they do lesser amounts among fewer banks, I imagine they do.

I knew a guy worth $2B who had his wealth spread among five banks. He got in a pissing contest with CitiBank about interest rates told them to close his $400M account. They wouldn't do it all in one transaction, lawyers got involved it took a few weeks to get sorted.

Reply #5

GiveFive — Sun, 15 Nov 2020 11:33:24 GMT

Not a dumb question. In fact, it's an excellent question.

The thing about your good question is that it kind of implies (to me anyway) that you'd be investing your money in mostly liquid cash assets. IMHO high networth individuals (HNWI's) shouldn't ever do that. At the very least, if you hired a professional wealth manager, they'd never let you do that.

Your question points out the downside of everyday/average/typical/normal people winning a huge sum of money via the lottery. It takes so... [ More ]

Reply #4

BobP — Sun, 15 Nov 2020 07:02:13 GMT

Just some thoughts that may prove helpful.

Don't invest all your money in cats, it's hard to get your money out later.

Keep as much as you can in your own name.

Never invest in anything that eats or needs repairing.

BobP

I want to share something with you: the three little sentences that will get you through life.

Number 1: Cover for me.

Number 2: Oh, good idea, boss.

Number 3: It was like that when I got here.

Homer Simpson

Reply #3

Stack47 — Fri, 13 Nov 2020 20:40:06 GMT

One more suggestion, the state that issues the check obviously uses a bank so open an account with that bank. Might get money earlier too.

Reply #2

noise-gate — Thu, 12 Nov 2020 19:25:27 GMT

When l win morgo, l will let you know.

Reply #1

Stack47 — Tue, 10 Nov 2020 18:17:14 GMT

The type of banks where companies with multi-million payrolls keep their money. Or brokerage firms that do billions in transactions, some every day.

Where do you put your money after a big win?

morgothaod — Tue, 10 Nov 2020 15:45:06 GMT

This might be a dumb question but with the FDIC being $250,000; if you win $100,000,000 are you supposed to open 400 bank accounts to keep your money safe? lol